ABB growth forecast boosted by fourth-quarter power contracts

ABB growth forecast boosted by fourth-quarter power contracts

first_imgWednesday 26 January 2011 7:10 pm SWISS engineering group ABB expects to report double-digit net income growth after winning a large number of power infrastructure orders in Europe and the Middle East in the fourth quarter of 2010.High levels of industrial activity in most regions were supporting its short and mid-cycle businesses in the automation and power sectors, ABB said yesterday.The company said it expected a broad recovery in utility investments for power transmission equipment later in 2011.“All their guidance appears to be in line with what I was looking for,” said Helvea analyst Alessandro Migliorini.ABB shares closed 1.5 per cent up at Sfr22.61 (£15.07) in the Swiss market. The company said charges of approximately $120m (£75.6m) in the power systems division, mostly related to a cable project, will be included in fourth-quarter 2010 reported earnings before tax.“The real issue is the provision which is disappointing but I think people will be prepared to see it as a one-off. It stands on the back of a project where they had already announced that there were issues,” Migliorini said.ABB said 89.4 per cent of shares in Baldor Electric had been tendered in an offer it made for the US industrial motors company, and that it was to buy the remaining Baldor shares at $63.50. With the Baldor deal, ABB expects to capitalise on a global push for energy efficiency and boost its North American presence. Share KCS-content whatsapp Show Comments ▼ whatsapp ABB growth forecast boosted by fourth-quarter power contracts Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comlast_img

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